Average Income Drops

Average Income Drops – The ongoing political and economic crises have pushed down the country’s GDP as economic growth has slumped and the downturn appears to be beyond repair in the short and medium terms. The most crucial loss is suffered by the per capita income in dollar terms that fell to $1,568 or 11.38 per cent in the current year from $1,766 in the previous year and $1,677 in 2021. This suggests the deterioration of the standard of living and well-being of almost all segments of society with a sharp decline in personal incomes. It may lead to a decrease in disposable income, limiting individuals’ ability to afford goods and services, save or invest. The massive exchange rate depreciation and drop in the real GDP growth rate also resulted in a decrease in the size of the economy in dollar terms by $33.4 billion just in one year. The drop in the average income was made more severe by the continuous fall in the value of rupee and coupled with never-ending inflation that has broken all previous records along with prospects of finalising agreement with IMF getting remote by the day it looks that the economic situation will worsen further. The Weekender